Intellectual property (IP) is an intangible creation of the human
mind, usually expressed or translated into a tangible form, that is
assigned certain rights of property. Examples of intellectual
property include an author's copyright on a book or article, a
distinctive logo design representing a soft drink company and its
products, unique design elements of a web site, or a patent on a
particular process to, for example, manufacture chewing gum.
Intellectual property law covers the protection of copyrights,
patents, trademarks, and trade secrets, as well as other legal
areas, such as unfair competition. In effect, intellectual property
laws give the creator of a new and unique product or idea a
temporary monopoly on its use. The value of intellectual property to
an individual or company is not based on physical properties, such
as size and structure. Instead, intellectual property is valuable
because it represents ownership and an exclusive right to use,
manufacture, reproduce, or promote a unique creation or idea. In
this way, it has the potential to be one of the most valuable assets
a person or small business can own.
In an era of globalization, IP rights must be protected and
regulated at an international level. The U.S. Department of State
explains why countries protect inventions; literary and artistic
works; and symbols, images, names, and designs used in commerce on a
Web site it dedicates to this subject. Countries protect IP "because
they know safeguarding these property rights fosters economic
growth, provides incentives for technological innovation, and
attracts investment that will create new jobs and opportunities for
all their citizens…. In the United States alone, for example,
studies in the past decade have estimated that over 50 percent of
U.S. exports now depend on some form of intellectual property
protection, compared to less then 10 percent 50 years ago."
This definition is provided by
USLegal.com
